HomeMy Public PortalAbout040-2010 - RPL Utility investmentsORDINANCE NO. 40-2010
A GENERAL ORDINANCE AUTHORIZING THE DESIGNATION OF
UTILITY INVESTMENT OFFICER AND DESIGNATION OF
DEPOSITORIES FOR THE INVESTMENT OF RICHMOND POWER
AND LIGHT UTILITY FUNDS PURSUANT TO INDIANA CODE 5-13-9
WHEREAS, Title 5, Article 13, of the Indiana Code sets forth the laws concerning investment
of public funds by a municipal unit; and
WHEREAS, Pursuant to Indiana Code 8-1.5-3-13, the Common Council of the City of
Richmond may by ordinance authorize officers charged by law with custodial
care, expenditure, and investment of utility money to invest or reinvest surplus
money of a utility in the manner prescribed by Indiana Code 5-13-9; and
WHEREAS, Pursuant to Indiana Code 5-13-9.5 the Indiana Treasury of State maintains a list
of all state -approved depositories ("Approved Depository List") that may be
utilized by municipal units; and
WHEREAS, Indiana Code 5-13-8-9 limits the deposit of funds by a political subdivision to
designated depositories located within the respective territorial limits of the
political subdivision; and
WHEREAS, It is in the best interest of the City of Richmond that the Common Council of the
City of Richmond, pursuant to Indiana Code 8-1.5-3-13, designate the finance
manager employed by the Richmond Power and Light utility as the officer having
the custodial care, expenditure, and investment of utility money to invest or
reinvest surplus money of the Richmond Power and Light utility in the manner
prescribed by Indiana Code 5-13-9; and
WHEREAS, It is in the best interest of the City of Richmond that the Common Council of the
City of Richmond, acting as the City's Finance Board pursuant to Indiana Code 5-
13-7-5, develop and maintain a City of Richmond Designated Depository List for
use by the finance manager employed by the Richmond Power and Light utility;
and
WHEREAS, The City should repeal all prior ordinances and resolutions designating
depositories in order that the designated depository list may be updated to include
those depositories located within the territorial jurisdiction of the City of
Richmond and listed on the Approved Depository List, which designation is
attached and marked hereto as Exhibit A and known as City of Richmond
Designated Depository List.
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NOW, THEREFORE, be it ordained by the Common Council of the City of Richmond that the
Finance Manager employed by the Richmond Power and Light utility be designated as the
officer having the custodial care, expenditure, and investment of utility money to invest or
reinvest surplus money of the Richmond Power and Light utility in the manner prescribed by
Indiana Code 5-19-9; and;
NOW, THEREFORE, be it also ordained by the Common Council of the City of Richmond that
the Finance Manager for the Richmond Power and Light utility use the attached City of
Richmond Designated Depository List in order to invest or reinvest the surplus money of the
Richmond Power and Light utility.
Passed and adopted this _7th day of _September 2010, by the Common Council of the City
of Richmond, Indiana.
S/S J. Clayton Miller President
Q. Clayton Miller)
ATTEST: _S/S Karen Chasteen City Clerk
(Karen Chasteen)
PRESENTED to the Mayor of the City of Richmond, Indiana, this 8th day of _September
2010, at 9:00 a.m.
S/S Karen Chasteen City Clerk
(Karen Chasteen)
APPROVED by me, Sarah L. Hutton, Mayor of the City of Richmond, Indiana, this _8th day
of _September , 2010, at 9:05 a.m.
_S/S Sarah L. Hutton Mayor
(Sarah L. Hutton)
ATTEST: _S/S Karen Chasteen City Clerk
(Karen Chasteen)
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Exhibit A to Ordinance Number 40-2010
City of Richmond Designated Depository List
a. First Bank Richmond, NA, Home Office
b. First Merchants Bank, Richmond Branch
C. JPMorgan Chase Bank, NA, Richmond Branch
d. Old National Bank, Richmond Branch
e. U.S. Bank National Association, Richmond Branch
f. Wayne Bank & Trust Company, Richmond Branch
g. West End Savings Bank, Home Office
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